Excelsior Correspondent
JAMMU, May 29: Reviewing and charting a new road map for various new business initiatives, NABARD Chairman, Dr Bhanwala, said we are hopeful that business will go up significantly in next five years.
He was speaking during the 200th meeting of the Board of Directors of NABARD held in New Delhi, inter-alia to consider and approve the Audited Accounts for the year ended March 31, 2014.
As per the audited financial results, the total income of NABARD stood at Rs 15,442 crore while the total expenditure stood at Rs 12,581 crore, he added.
Dr Bhanwala said the Board has approved funding PPP projects under rural infrastructure sector using NIDA for all such infrastructure projects from the harmonized list of the Department of Economic Affairs.
“The Board also approved increasing business under new initiatives including grant support for promoting 2,000 new POs (Producers Organizations) in three years under a separate window within the Producer’s Organisation Development Fund (PODF). NABARD will also extend assistance to all components in the agriculture value chain, including marketing infrastructure under the Warehousing Infrastructure Fund”, he added.
Dr Bhanwala said that the Board also discussed the role NABARD could play by rating the portfolios of Regional Rural Banks in Inter Bank Participation Scheme (IBPS) and Priority Sector Lending Certificates (PSLCs) so that better price discovery would help RRBs.
Also in the offing is a new refinance product which covers medium term investment credit ranging for 18 to 36 months based on the demand for the banks, he added.
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